(Address
of principal executive offices) (Zip Code)
Registrant's
telephone number, including area code: (323) 822-1750
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instructions A.2. below):
o Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01 Other
Events
On October 19, 2009, George A. Sharp
(“Sharp”) filed a Complaint in the San Diego
Superior Court, Case No. 37-2009-00100574-CU-MC-CTL (the “Case”) against
Yasheng Eco-Trade Corporation (the “Company”). On December 29, 2009,
Sharp filed a First Amended Complaint in the Case. On January 15,2010, the Court in the San Diego Superior Court granted the motion of the
Company to transfer the Case to the Los Angeles Superior Court. The
Case was assigned Case Number BC434061 in the Los Angeles Superior Court on or
about March 24, 2010.
On June 2, 2010, the Company entered
into a settlement agreement and release of claims (the “Agreement”) with Sharp
for the purpose of resolving the Case. Under the terms of the
Agreement,
the parties agreed to
settle the action pursuant to which the Company will pay Sharp $25,000 (the
“Funds”) on or before June 3, 2010. Upon receipt of the
Funds, Sharp will provide an executed Request for Dismissal with
prejudice. Additionally, Sharp has agreed to cease and desist from
contacting shareholders of the Company and communicating in any manner regarding
the Company.
Item
9.01 Financial Statements and Exhibits.
Exhibit Number
Exhibit Description
99.1
Settlement Agreement and Release
of Claims by and between Yasheng Eco-Trade Corporation and George
A. Sharp, dated June 2, 2010
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
